Topic: [GLBSE] BDK -- LIQUIDATING UNDER NEGATIVE EQUITY PROVISION -- - page 9. (Read 21246 times)

A very pleasant revision for shareholders. I have sold BDK's stake in Zip.A for an amount I'm quite pleased with. In total, BDK made ~233BTC from buying & selling Zip.A in the past few weeks. Amazingly, this week's dividend will exceed the previous week's dividend. With that said, I want to be clear -- It's extremely unlikely these profits will be sustainable beyond May -- just a few great breaks in the recent past.

As such, the forcast has been revised to the following:

May 2012 Net Income Expectations
Optimistic estimate: 825BTC
Reasonable estimate: 700BTC
Pessimistic estimate: 575BTC
(Guesstimated weekly dividend payouts -- May 7th: .0021BTC/share Actual: .0021331436BTC/share -- May 14th: .0028BTC/share -- May 21st: .00266BTC/share -- May 28th: .00022BTC/share)

Cheers! 

Contract change (relevant part [+ a word added for clarification] in bold). I will honor the modified contract now, but it won't be changed on GLBSE until after 60 days of this post just in case Nefario might take issue with me sidestepping the time requirement.

Previously read:
"Change of Contract" - The operator is fully permitted to change the contract at will, without consent of shareholders. However, the contract is not permitted to go into effect until sixty days after the changes are made public. When the contract is changed, the operator will honor the ability for shareholders to sell shares back to him at a price of .045 Bitcoins per share.

Modified to read:
"Change of Contract" - The operator is fully permitted to change the contract at will, without consent of shareholders. However, the modified contract is not permitted to go into effect until sixty days after the changes are made public. When the contract is changed, the operator will honor the ability for shareholders to sell shares back to him at a price of .125 Bitcoins per share between the time a change is made and the time 60 days have elapsed since the change was made public.


Thanks  

Quick notice for shareholders copy-pasta'd from Operations thread. This shouldn't significantly impair BDK's ability to operate normally. I need to find a home for 3-4k coins on the 19th, still, but it shouldn't be too big an issue.

Hrm. So close. Seems a lot of doctors are giving definite statements pulled from their ass. Originally, there was a slight chance he was dying, then he's probably dying and needs chemo, then an "all clear" saying it was fluid-filled/benign, and after what was supposed to be a relatively minor surgery, he's come out missing 1/3 of a lung and given a death sentence again. Supposedly, it's now assumed he has very aggressive cancer. They couldn't get all of it around his lung as it's invading his heart. I'm taking a couple days off and may be unresponsive for some time in the future. I'll always check emails after waking up and before going to sleep, fwiw.

He's in his late 20's, I believe. Experienced more than enough death for my liking, but this is the first time interacting with someone suffering imminent death who still speaks coherently. (ETA: I may appear as online in Skype or IRC, but don't assume I am unless talking there. If it's important, please email me @ [email protected] )

ETA2: So... Now it's up in the air. Chemo/radiation already started. Cousin's insisting the doctors got it all, which goes against what another family member said who was with his doctor. Lung which had a section removed is totally non-functional, so he'll have to rely on one lung for the rest of his life. Cousin's kids get a lesson in not transmitting germs tomorrow from wife, who's coincidentally well-studied and experienced in aseptic techniques. Just wanted to keep everyone informed -- always get paranoid someone'll start freaking out and make a big scene if I don't respond to them within a few hours.

I'm a bit bogged down right now. Woke up, 7 PMs, 2 PM logs I need to read through on Skype.   

Anyway, the revised estimate is now .0007BTC/share on May 14th, and I have decided to sell pre-IPO shares. 4k are available @ .16BTC/share, minimum order of 250 shares. PM/Skype/IRC/etc me if interested.


Cheers,

Ben

Woho Bought yesterday 96 shares Keep up the good work Kluge!

First dividend. 

About on target.

Weekly profit: 237.02BTC
Total shares public: 5000 (4.5% BDK profit)
Total dividend: 10.67BTC
Dividend/share: 0.0021331436BTC
Next dividend: May 14th (revised estimated dividend - .00045BTC/share)

Having a spirited debate with myself, a couple shareholders, and invite others.


I think I can get .16BTC/share largely due to there being a large volume (4k) of shares available for pre-purchase. There's currently strong bids, but very weak asks, which I interpret as meaning the market's quite willing to gobble up more BDK shares. The ZipConf buy is going extremely well and will net "BDK Hybrid" owners (and myself!) a nice sum when dividends come out and/or I decide to sell. There's another quiet investment I'll talk about within a couple weeks, and  which I am optimistic about - may cause a "breakout." As well, I forgot I have extra USD loan income coming in this month. >3k coins will be freed up on the 19th to be reinvested, which should help turn the previously-unimpressive future of June's from "unimpressive" to "pleasing". There are plenty of exciting events going on and lined up.

OTOH, I did explicitly say I wouldn't offer pre-IPO shares for the June 2nd offering, but the spirit of that was thinking I'd sell way lower than the market would accept like I did with pre-IPO shares from the May 2nd offering. The way the offering is designed, I should regret even an offering of .16/share at the end of the year, assuming no catastrophe. Though, if there are only a few small nibbles on the pre-IPO offering, being stuck (via the contract) selling BDK shares @ .16 or higher may slow progress down for a month or so.

So far, the >50% shareholder thinks this is a reasonable price & way to proceed, and I got something like an all-clear from another. I plan on making a decision one way or the other within a couple days of issuing the first dividend on May 7th.

Speaking of quick, dramatic changes... May targets are no longer valid. Profits will be quite significantly higher (~550BTC for the month expected, with a much larger payout on the 21st than originally predicted). However, I'm forecasting June to be a very unimpressive month (maybe 200-275BTC total profit for the month).

I'll update the forecasts with specific numbers again within a few hours.


ETA: New forecast:

May 2012 Net Income Expectations
Optimistic estimate: 725BTC
Reasonable estimate: 625BTC
Pessimistic estimate: 550BTC
(Guesstimated weekly dividend payouts -- May 7th: .0021BTC/share -- May 14th: .0004BTC/share -- May 21st: .00266 -- May 28th: .00022BTC/share)

Targets will be added to OP each month. I've done May's today. Things change quickly, which can cause dramatic swings one way or the other. This uncertainty will persist until BDK has grown enough to have a mature, well-diversified portfolio of loans, equities, and deposits. Simply because I'll be collecting significantly more information this month over previous months, I'll be able to give tighter ranges in the future.


Cheers!

Excellent!

I just placed a question on the new glbse predictions page and am awaiting approval. I want to check in with the results and finalize my business plan then I will be on the loan scene looking for some start up capital.

Glad your initial ipo was successful

Last Valuation on 4/23 -- today is 5/3

GLBSE Securities Re-valuation (reconciliation between BDK sheets & GLBSE):
TyGrr: BDK - 2BTC/share, GLBSE - 2.08BTC/share -- total gain of 19.76BTC on paper
Cognitive: BDK - .63BTC/share, GLBSE - .58BTC/share -- total loss of 13.45BTC on paper
Gigamining: BDK - 1.55BTC/share, GLBSE - 1.509BTC/share -- total loss of .533BTC on paper
BitcoinTorrentz: BDK - .92BTC/share, GLBSE - .931BTC/share -- total gain of .044BTC on paper
Zip.A: BDK - .4BTC/share, GLBSE - .5BTC/share -- Total gain of 75BTC on paper

Total equity FMV change since last valuation -- gain of 80.821BTC


ETA: Even though GoogleDocs is set to autopublish the sheet any time a change is saved, it appears to only do this something like once per week. If you want to see current data and GoogleDocs is telling you the sheet was last updated a few days ago or something, just make a quick request in this thread and I'll manually republish.

Five...! Four...! Three...! Two...! One...!


Aaaaand....... Public offering offered!


BDK raised exactly 79.7255007BTC from the 1k public offering. 15 will be kept in the GLBSE BDK fund to pay dividends to shareholders on May 7th. Rest goes to my lending wallet. Next IPO will be on June 2nd. No pre-IPO shares will be sold.

Cheers!

Unannounced 30m warning. Would like to call attention to an edit I made in the OP a couple hours ago. Dividends will be paid every Monday until further notice. If there is reasonable objection, this will require 60D to occur. Otherwise, first payment will be made on May 7th, then May 14th, etc.

Decreasing dividend payment rate to every two weeks or every month will require the standard 60D notice for the change to go into effect.


Cheers!

ETA: Surprisingly busy today (four people have used escrow in past three days, had a fairly long loan negotiation, too, which I believe turned out very well). Also wanted to add that when I pay dividends on Mondays, I won't be providing a detailed sheet for accounting. You can check for yourself in the spreadsheet I've posted in the OP. On the first of each month, I will still be providing a detailed "I/O report" for the last month. Additionally - just to be absolutely clear, I will not pay dividends on the first of the month as previously intended - unless the 1st of the month happens to fall on a Monday.

Beep! Beep! 1h5m remaining.

Less than 6 hours left. 1h warning will be posted, 5m warning, a post of what BDK raised, then I'll quit spamming unless it is important. ... Until the next sale, anyway.

ETA: Noticed a conflict in the contract. ""IPO Value Preservation, Operator Trading" - The operator is not permitted to ever sell shares for less than he previously sold them for. However, he may sell shares for an amount equal to or greater than the amount he previously sold them for at will." This conflicts with what the main contract body states: Up to 5,000 shares are to be sold on the second day of each month for four months, starting on the month of May, 2012. After that time, shares may be issued at will of the operator.

The "main contract body" takes precedence over provisions. No more than 5k shares will be sold each month until (potentially) after the August 2nd offering.

OP updated. Please tell me if there are still confusing or unclear sections, or ask me questions. Better now than later. 


Cheers!

MBot ticker isn't functioning correctly since the GLBSE update yesterday. Last price is .1999BTC/share 30D volume now over 200BTC (which is the total amount raised from pre-IPO sales), there's a bidwall of 500 shares @ .1BTC/share.

April Summary:
Monthly Profit - ฿155.54BTC
Income - ฿309.29
Outgo - ฿153.75

Fwiw, the dividend per share would have been ฿.0014, or ฿6.9993 total for the 5k shares which were set to be sold by May 2nd. Next month shouldn't have a report of debt write-offs, which made up the majority of outgo for April and were the first write-offs I've ever done. The profit target for May is ฿325, so the dividend should be right around ฿.002925/share, or ฿14.625 total if there are 5k shares out. Already, May profit is ~฿215. Spreadsheet has been updated, everything's reconciled, May's up, April's finalized. https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&output=html

Zipconf update seems like it will be delayed a short time, or out some time tonight. ETA: Looks like it's scheduled for the 3rd.



IPO IS TOMORROW @ 5PM EASTERN! (quit bidding >2x the lowest bid to get a share now from pre-IPO buyers -- buying aftermarket doesn't help me, dammit!  )


ETA: Donation drive for a band program @ https://bitcointalksearch.org/topic/m.877658 will be included as my personal expenditure. It will affect the amount of "growth" funds BDK receives, but not the amount shareholders receive in dividends for the month. I'm planning on donating between 50-100BTC if I get the green-light from the director.

(4:10:33 PM) `MBot: [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.10001 ] [ ASK: 0.25 ] [ SPREAD : 0.14999 ] [ LAST TRADE: [email protected] ] [ VOLUME : 184.191 BTC ]

Two days left. Plan on posting a link to ZipConf press release tomorrow for those who missed it. It should excite shareholders a fair bit. Very pleased to have gotten in pre-IPO. Tomorrow will also bring a not-particularly-exciting accounting summary of BDK operations in April.

(9:49:09 AM) `MBot: [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.08000001 ] [ ASK: 0.19999 ] [ SPREAD : 0.11998999 ] [ LAST TRADE: [email protected] ] [ VOLUME : 154.884 BTC ]

Three days left. In other good news, the 2 icarus boards are being sent to me on May 4th. Not sure if I mentioned it in this thread or the other, but for accounting the 5850 & Icarus boards, I'm not counting income from the 5850 at all since there aren't significant profits after electricity. To compensate, I won't factor in electricity costs on the Icarus boards, so whatever those two boards bring in are counted as an equity dividend when I receive a payout.

Very excellent news!  Very much looking forward to the next offering